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- **Revenue Resilience**: Q3 2025 revenue of $4.2 billion, down 2% YoY, with active adult segment growth (7%) offsetting first-time buyer decline (14%).
- **Margin Management**: Gross margin guidance for Q4 2025 at 25.5%-26.0%, reflecting 8.9% incentives and 49% spec homes in production.
- **Strategic Growth**: 2026 closings target 29,000-29,400 homes, supported by $5 billion land spend and 106-day build cycle.
- **Policy Leverage**: Federal housing bills could reduce lot costs by $1,500+ in 2026, with consumer confidence in Texas/Midwest offsetting affordability risks.

**【CEO Summary Section】**
- PulteGroup reported Q3 2025 revenue of $4.2 billion, down 2% year-over-year due to market conditions. Active adult segment growth (7%) offset first-time buyer decline (14%).
- Management emphasized disciplined land spend ($5 billion) and inventory control, with spec homes at 49% of production.
- Gross margin guidance for Q4 2025 is 25.5%-26.0%, reflecting competitive incentives (8.9% of sales price) and market dynamics.

**【CFO Financial Commentary】**
- Net income of $568 million ($2.96 per share), driven by 106-day build cycle and land pipeline optimization.
- SG&A expenses at 9.4% of revenue, with focus on cost control amid macroeconomic uncertainty.
- Land investments ($3.8 billion YTD) balanced against 240,000 controlled lots, targeting 2026 closings of 29,000-29,400 homes.

**【Q&A Highlights】**
- **Market Trends**: Southeast and Midwest outperformed Texas/West, with Florida up 2% and Northeast showing resilience.
- **Incentives & Margins**: 8.9% incentives (vs. 7.0% prior year), with 40%-45% spec homes needed for 2026 growth.
- **Policy Impact**: Federal housing bills (e.g., The ROAD to Housing Act) could reduce lot costs by $1,500+ in 2026.
- **Consumer Confidence**: Lower rates and job growth in Texas/Midwest could drive 2026 demand, offsetting affordability challenges.

PulteGroup, Inc. (PHM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PHM

PHM fundamentals

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